Full New Jersey Assembly to Pass Tax-Cap

[I AM NOT THAT GUY 5,715]

The New Jersey Assembly will likely pass an annual limit on property-tax increases announced by Senate Democrats and Governor Chris Christie, lawmakers said.

Assembly Budget Committee Chairman Louis Greenwald, a Democrat from Cherry Hill, said his panel will debate the tax cap today and may vote on it in coming days. The full Senate is expected to approve the measure tomorrow.

“We will have the votes but there are people who feel this is not yet finished, myself included,” Greenwald, a Democrat from Cherry Hill, said in an interview. “Our goal is to move forward with this as expeditiously as possible.”

Christie, a Republican who took office Jan. 19, and the Democrat-led Legislature announced an agreement July 3 on the plan to rein in the state’s property taxes, which are the highest in the U.S. at an average of $7,281 in 2009, up 72 percent since 1999.

Had the plan been in place from 1999 to last year, the average homeowner in Ridgewood would have saved $3,522 in tax payments over that decade, according to data released by Christie’s office. In Millburn Township, a community of about 20,000 people that sits 30 minutes west of Manhattan by car, the cap would have saved homeowners $6,753 on average during that period.

Christie said the plan will drive down taxes by reducing the current 4 percent threshold by half. A provision requiring voter approval to exceed the cap will give the public a voice in taxation, he added.

http://www.businessweek.com/news/2010-07-07/full-new-jersey-assembly-to-pass-tax-cap-budget-chairman-says.html

[^_^ 5,021]

The voters wanted Corzine to do this, but he didn't. All we got from him was a 4% cap so full of loopholes and exemptions that it was meaningless.

If this ends up being as robust as it sounds, Christie is da fu##kin man.

[elmcitymaven 9,712]

I fail to see how anything about New Jersey rates as newsworthy.

[Ban Hammer 13,349]

I fail to see how anything about New Jersey rates as newsworthy.

[mawilson 2,133]

Christie is da fu##kin man.

Yep

[^_^ 5,021]

Yep

Not so fast. I wanna see how he finishes his 'duel' with the NJEA first.